Electric Last Mile Solutions Inc (ELMSQ)

[value1008]

Barron's is piling on with the bad news. None of these media outlets pumped ELMS up to let it enjoy higher shareprices in 2021 but they're quick to jump on the negative revelations:

https://www.marketwatch.com/articles/ev-stock-electric-last-mile-51647279190
EV Start-Up Electric Last Mile Stock Is Down 47%. Here’s Why.
Mon. March 14, 2022 at 1:34 p.m. ET
By Al Root

Referenced Symbols: ELMS -51.77%

Shares of commercial electric-vehicle start-up Electric Last Mile Solutions are plummeting in Monday trading. The company disclosed a new Securities and Exchange Commission probe and a few other things that have unnerved investors.

Electric Last Mile (ticker: ELMS) stock is off about 47% in midday trading Monday.

Late Friday, Electric Last Mile said the SEC’s Division of Enforcement is conducting an investigation related to company reporting of vehicle orders among other issues. Electric Last Mile says it intends to cooperate fully with the investigation. The company didn’t immediately respond to a request for comment about the investigation. The company also disclosed information about shareholder lawsuits in the same release.

This isn’t the first big drop investors have had to endure recently. Shares fell almost 52% on Feb. 2, following the disclosure that Jason Luo resigned from his positions as executive chairman and chairman of the board, and that James Taylor resigned as CEO.

Recent trading leaves Electric Last Mile stock down about 86% year to date and down about 92% from a June 2021 52-week high of $12 a share [the day I almost sold all shares!!!].

Seven analysts cover Electric Last Mile stock, all with Hold ratings. Coming into 2021, all seven had rated shares at Buy. The average analyst price target has gone to about $2.75 from more than $15.

Troy Michigan-based Electric Last Mile is focused on producing commercial EVs, such as delivery vans, that can help cut greenhouse-gas emissions.


Write to Al Root at [e-mail]